Showbiz Daily 'Variety' Sold To Penske Media

And staying here in California, our last word in business is lights, camera, sold.

The sale of Variety is officially a wrap. The venerable 107-year-old show biz daily has been bought for $25 million by Penske Media, the owner of Variety's upstart online rival Deadline.com. Like its longtime competitor, the Hollywood Reporter, Variety has had trouble making the switch to digital media, but it still turns a profit. So in the language that Variety helped make famous, Penske seems to believe this deal will be boffo and not a flopola.

And that's the business news on MORNING EDITION from NPR News. I'm Renee Montagne.